3148 Woodlawn St · Wolverine Lake, MI 48390

$160,000

2 bd · 2.0 ba · 1,097 sqft · SingleFamily public records · 8 Days on market

Built 1945 5,227 sqft lot $146/sqft · 42% below area Est $205k · 22% under $4/mo HOA

---

Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.6/30.0
• ARV discount +15.0/15.0
• 1% rule +5.3/10.0
• DSCR +5.2/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced to sell "As Is". $55k price reduction. Welcome home to this small but charming Commerce Township retreat, perfectly located in the desirable Walled Lake School District. Just a few houses from the private beach on South Commerce Lake, you'll love the easy access to lake living while enjoying a peaceful, neighborhood setting. The home features a beautifully updated kitchen with painted cabinetry, island with recessed lighting, and a full appliance package including gas range, double oven, refrigerator, microwave, washer, and dryer. Recent updates include a remodeled bathroom, new ceiling fans and lighting, and a full interior paint refresh - making it truly move-in ready. Major mechanical peace of mind comes with a new water softener (2026) and septic inspection completed with flying colors in February 2026. Outside, enjoy a nearly fully fenced yard - ideal for pets, play, or entertaining - along with a 1.5-car detached garage for extra storage or workspace. The unfinished basement offers additional potential with roughed-in rooms ready for your finishing touches. All of this just minutes from Proud Lake State Recreation Area and a short drive to everyday conveniences - offering that sought-after country feel with city access nearby. A rare find with flexibility, charm, and location all in one. Home has been digitally staged.

Key facts

• New lighting
• Remodeled bathroom
• Fenced yard

Tags

• UPDATED KITCHEN
• REMODELED BATHROOM
• NEW CEILING FANS
• NEW LIGHTING
• FENCED YARD
• DETACHED GARAGE

Property features AI

Finance

• Other: Gravel road access; Lot roughly 50 x 108 (0.12 acres); Beach access via South Commerce Lake; Subdivision: OAKLEY PARK
• HOA & community: Homeowners association with $50 annual fee

Exterior

• Parking: Detached garage and driveway; Approximately 1.5 garage spaces
• Security: Smoke detector(s)
• Utilities: Private well water; Septic tank; Electric service with circuit breakers
• Home design: Single-family residence; One story; Ground-level entry with steps; Vinyl siding
• Construction: Built with vinyl siding; Block foundation; Asphalt roof
• Exterior features: Beach access to South Commerce Lake; Lighting; Back yard fencing; Shed(s)

Interior

• Kitchen: Dishwasher; Double oven; Gas cooktop; Microwave; Free-standing refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Unfurnished; Full unfinished basement with sump pump; 7 total rooms; Ceiling fan(s); Electric water heater; Satellite dish; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Washer hookup; Electric dryer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 7.0% vs local median 3.3% in Wolverine Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#204 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D, amenities F, commute F.
• Walled Lake Consolidated Schools (suburban): math 52% / reading 60% proficiency, ranked #58 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.0%/yr); 166 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 24 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• GRM: 8.1

CMA / ARV

• ARV (median comp): $204,526
• List price: $160,000
• Delta: 5.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3112 Terry St	0.16mi	3/1.0 (+1)	1,120 (+2%)	10mo	$310,000	$277	72
1629 W Oakley Park Rd	0.23mi	3/1.0 (+1)	1,006 (-8%)	8mo	$223,000	$222	59
3142 Buss Dr	0.22mi	3/2.0 (+1)	1,220 (+11%)	12mo	$352,000	$289	56
3149 Roselawn St	0.08mi	3/2.0 (+1)	1,221 (+11%)	21mo	$235,046	$193	55
2843 Brisbane St	0.32mi	2/2.0	1,025 (-7%)	23mo	$274,900	$268	55
2976 Brisbane St	0.20mi	3/1.0 (+1)	981 (-11%)	14mo	$221,000	$225	53
1875 SPARLING	0.43mi	3/2.0 (+1)	1,185 (+8%)	12mo	$255,000	$215	51
2901 Woodlawn St	0.26mi	3/1.0 (+1)	960 (-12%)	13mo	$247,000	$257	47
2825 Fisher Ave	0.32mi	2/1.0	1,200 (+9%)	24mo	$210,000	$175	46
2436 Woodlawn St	0.64mi	3/1.5 (+1)	1,176 (+7%)	8mo	$320,000	$272	44
627 Los Arboles Dr	0.72mi	3/1.0 (+1)	1,050 (-4%)	12mo	$280,000	$267	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.04% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.49×
• Total profit: $-22,794
• Equity at exit: $23,857

10-year hold

• IRR: -9.6%
• Equity multiple: 0.46×
• Total profit: $-24,042
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48390

• Rents YoY: 1.0%
• Active inventory: 166
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$293 /mo · $3,512/yr
• Insurance: −$67
• HOA: −$4
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $98

Break-even live

Break-even rent $1,522

Max offer price $160,000

Occupancy floor 89%

Sensitivity live

Price	-10% $188	-5% $143	+0% $98	+5% $53	+10% $7
Rent	-10% $-32	-5% $33	+0% $98	+5% $163	+10% $228
Rate	-1.0pp $178	-0.5pp $139	base $98	+0.5pp $56	+1.0pp $14

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3191 Fisher Ave Commerce Township, MI	2.0	1.0	725	$1,450	$2.00	25d	1	0.06mi
3215 Goldeneye Ln Walled Lake, MI	2.0	2.0	1272	$1,900	$1.49	5d	1	1.18mi
1505 Oakshade St Commerce Charter Twp, MI	1.0	1.0	825	$1,095	$1.33	45d	1	1.50mi

HOA detail

• Monthly dues: $4 · $48/yr
• Likely covers: watergas

Listing history 50 events

1. 2026-06-07
   statusdays on market $160,000 Pending 8 DOM
2. 2026-06-04
   days on market $160,000 Active Under Contract 7 DOM
3. 2026-06-03
   days on market $160,000 Active Under Contract 6 DOM
4. 2026-06-02
   statusdays on market $160,000 Active Under Contract 5 DOM

   Show marketing remark (1363 chars)

   Priced to sell "As Is". $55k price reduction. Welcome home to this small but charming Commerce Township retreat, perfectly located in the desirable Walled Lake School District. Just a few houses from the private beach on South Commerce Lake, you'll love the easy access to lake living while enjoying a peaceful, neighborhood setting. The home features a beautifully updated kitchen with painted cabinetry, island with recessed lighting, and a full appliance package including gas range, double oven, refrigerator, microwave, washer, and dryer. Recent updates include a remodeled bathroom, new ceiling fans and lighting, and a full interior paint refresh - making it truly move-in ready. Major mechanical peace of mind comes with a new water softener (2026) and septic inspection completed with flying colors in February 2026. Outside, enjoy a nearly fully fenced yard - ideal for pets, play, or entertaining - along with a 1.5-car detached garage for extra storage or workspace. The unfinished basement offers additional potential with roughed-in rooms ready for your finishing touches. All of this just minutes from Proud Lake State Recreation Area and a short drive to everyday conveniences - offering that sought-after country feel with city access nearby. A rare find with flexibility, charm, and location all in one. Home has been digitally staged.

5. 2026-06-01
   days on market $160,000 Active 4 DOM
6. 2026-05-31
   days on market $160,000 Active 3 DOM
7. 2026-05-04
   historical Accepting Backup Offers 1444-char remark
8. 2026-05-04
   historical Active Under Contract 1466-char remark
9. 2026-05-01
   listed $215,000 Active 1444-char remark
10. 2026-05-01
    listed $215,000 Active 1466-char remark
11. 2026-04-29
    historical $215,000 1444-char remark
12. 2020-02-27
    soldstatus $135,000
13. 2020-02-21
    soldstatus $135,000 Sold
14. 2020-02-14
    status Pending
15. 2020-02-14
    status Pending
16. 2020-02-02
    status Active
17. 2020-02-02
    status Active
18. 2020-01-26
    status Pending
19. 2020-01-26
    status Pending
20. 2020-01-16
    price $139,000
21. 2020-01-15
    price $139,000
22. 2020-01-09
    status Active
23. 2020-01-09
    status Active
24. 2019-11-13
    status Pending
25. 2019-11-13
    status Pending
26. 2019-11-13
    price $141,900
27. 2019-11-13
    price $141,900
28. 2019-11-03
    listed $146,900 Active
29. 2019-11-03
    listed $146,900 Active
30. 2019-10-30
    historical
31. 2019-10-30
    historical
32. 2019-10-07
    price $144,900
33. 2019-10-07
    price $144,900
34. 2019-10-05
    status Active
35. 2019-10-05
    status Active
36. 2019-09-13
    status Pending
37. 2019-09-13
    status Pending
38. 2019-08-20
    status Active
39. 2019-08-20
    status Active
40. 2019-08-17
    status Pending
41. 2019-08-17
    status Pending
42. 2019-08-15
    listed $149,900 Active
43. 2019-08-15
    listed $149,900 Active
44. 2008-09-26
    soldstatus $25,200
45. 2008-07-25
    listed $20,000
46. 2008-07-14
    historical
47. 2008-06-06
    listed $40,000
48. 2008-04-08
    historical
49. 2008-04-03
    historical
50. 2007-11-03
    listed $115,625

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $3,512 · $293/mo
• Projected year-2 tax: $3,512 · $293/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,750
• − Mortgage interest: −$8,962
• − Property taxes: −$3,512
• − Insurance: −$800
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − HOA: −$48
• − Depreciation: −$4,655
• Taxable loss: −$1,387
• Est. tax savings @ 24.0%: +$333
• After-tax cash flow: $1,507/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Walled Lake Consolidated Schools
• NCES district ID: 2635160
• Math proficiency: 52% ▼ -4.00%
• Reading proficiency: 60% ▼ -1.00%
• Median HH income: $69,184
• Composite: 49.57/100
• National rank: #1987
• State rank: #58 of 540 in MI

Livability — Wolverine Lake

• Score: 73/100
• State rank: #204
• US rank: #5186

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Oakland County · 1,009,092 people
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 23,939
• Household income: $91,381
• Rent vs Own: 25.3% rent · 74.7% own
• Severe rent burden: 514.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 7% Two or more races 4% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 12% Lithuanian 4% Slovak 3%
• Foreign-born: 16% · Canada, Vietnam, Dominican Republic
• Languages at home: 82% English-only · Other Indo-European 3% Other Asian/Pacific 3% Russian/Polish/Slavic 3%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -344.88%
• Current HPI: 180.9641
• Rent YoY: ▲ 1.04%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+150.4% since first listed

62 events — show timeline

• 2026-06-05 Pending — MiRealSource-MiMLS
• 2026-06-05 Pending — REALCOMP
• 2026-06-02 Contingent — MiRealSource-MiMLS
• 2026-06-02 Contingent — REALCOMP
• 2026-05-28 Listed $160,000 REALCOMP
• 2026-05-28 Listed $160,000 MiRealSource-MiMLS
• 2026-05-04 Contingent — MiRealSource-MiMLS
• 2026-05-04 Contingent — REALCOMP
• 2026-05-04 Listing Removed — MiRealSource-MiMLS
• 2026-05-01 Listed $215,000 MiRealSource-MiMLS
• 2026-05-01 Listed $215,000 REALCOMP
• 2026-04-29 Coming Soon — MiRealSource-MiMLS
• 2020-02-27 Sold (Public Records) $135,000 Public Records
• 2020-02-21 Sold (MLS) $135,000 REALCOMP
• 2020-02-14 Pending — MiRealSource-MiMLS
• 2020-02-14 Pending — REALCOMP
• 2020-02-02 Relisted — MiRealSource-MiMLS
• 2020-02-02 Relisted — REALCOMP
• 2020-01-26 Pending — MiRealSource-MiMLS
• 2020-01-26 Pending — REALCOMP
• 2020-01-16 Price Changed $139,000 MiRealSource-MiMLS
• 2020-01-15 Price Changed $139,000 REALCOMP
• 2020-01-09 Relisted — MiRealSource-MiMLS
• 2020-01-09 Relisted — REALCOMP
• 2019-11-13 Pending — MiRealSource-MiMLS
• 2019-11-13 Pending — REALCOMP
• 2019-11-13 Price Changed $141,900 MiRealSource-MiMLS
• 2019-11-13 Price Changed $141,900 REALCOMP
• 2019-11-03 Listed $146,900 MiRealSource-MiMLS
• 2019-11-03 Listed $146,900 REALCOMP
• 2019-10-30 Listing Removed — REALCOMP
• 2019-10-30 Listing Removed — MiRealSource-MiMLS
• 2019-10-07 Price Changed $144,900 MiRealSource-MiMLS
• 2019-10-07 Price Changed $144,900 REALCOMP
• 2019-10-05 Relisted — MiRealSource-MiMLS
• 2019-10-05 Relisted — REALCOMP
• 2019-09-13 Pending — MiRealSource-MiMLS
• 2019-09-13 Pending — REALCOMP
• 2019-08-20 Relisted — MiRealSource-MiMLS
• 2019-08-20 Relisted — REALCOMP
• 2019-08-17 Pending — MiRealSource-MiMLS
• 2019-08-17 Pending — REALCOMP
• 2019-08-15 Listed $149,900 MiRealSource-MiMLS
• 2019-08-15 Listed $149,900 REALCOMP
• 2008-09-26 Sold (MLS) $25,200 REALCOMP
• 2008-07-25 Listed $20,000 REALCOMP
• 2008-07-14 Listing Removed — REALCOMP
• 2008-06-06 Listed $40,000 REALCOMP
• 2008-04-08 Listing Removed — MiRealSource-MiMLS
• 2008-04-03 Listing Removed — REALCOMP
• 2007-11-03 Listed $90,910 REALCOMP
• 2007-11-03 Listed $115,625 MiRealSource-MiMLS
• 2001-03-09 Sold (Public Records) $119,000 Public Records
• 2001-02-15 Sold (MLS) $1,190,002 REALCOMP
• 2000-07-31 Listing Removed — REALCOMP
• 2000-07-31 Listed $119,900 REALCOMP
• 2000-02-29 Listing Removed — REALCOMP
• 2000-02-29 Listed $127,995 REALCOMP
• 1999-10-21 Listed $129,985 REALCOMP
• 1999-10-14 Listing Removed — REALCOMP
• 1998-11-14 Listed $139,900 REALCOMP
• 1994-07-12 Sold (Public Records) $63,900 Public Records

Property tax history

+8.9%/yr

Latest (2025): $3,512 · +3.5% YoY. Source: county tax records.